Pension plan of brady company

Assignment Help Accounting Basics

Reference no: EM13259209

The following information is available for the pension plan of Brady Company for the year 2010.

Actual and expected return on plan assets $12,000

Benefits paid to retirees 40,000

Contributions (funding) 138,240

Interest/discount rate 10%

Prior service cost amortization 12,288

Projected benefit obligation, January 1, 2010 539,900

Service cost 99,322

(a) Compute pension expense for the year 2010

(b) Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2010.

Debit Pension Expense

Credit Cash

Credit XXXX

Reference no: EM13259209

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